Ethereum Pulls Back—Could $2,400 Be the Next Stop?
Ethereum’s price has been stuck in a bit of a rut lately. After failing to push past the $2,600 resistance level, it’s now sliding back, and some analysts think it might dip even further before bouncing. Michaël van de Poppe, a well-known market watcher, suggests $2,400 could be the next key support level to watch.
It’s not all doom and gloom, though. This kind of pullback isn’t unusual—it might just be the market gathering steam for another run. Van de Poppe figures Ethereum needs to shake out some weak hands and grab more liquidity before making its next move. If it does hit $2,400, long-term investors will probably see it as a buying opportunity.
Whales Are Betting Big on Ethereum
While retail traders might be nervous, the big players—whales—seem pretty confident. Data from Santiment shows wallets holding between 1,000 and 100,000 ETH have added 3.72% more to their stacks over the past month. That’s roughly 1.49 million ETH, or about $38.26 million at current prices.
Why does this matter? Whales don’t usually pile in unless they expect prices to climb later. Their activity often signals a longer-term bullish outlook, even if the short-term charts look shaky. Right now, Ethereum’s been bouncing between $2,400 and $2,800, but with this kind of backing, a breakout isn’t off the table.
Ethereum ETFs See a Surge in Interest
Meanwhile, institutional money is flowing into Ethereum ETFs—fast. Last week alone, these funds pulled in $528 million, nearly double the $281 million from the week before. Over the past five weeks, the total net inflows hit $3.85 billion, pushing total assets under management past the $10 billion mark.
BlackRock’s ETHA ETF is leading the pack with $5.23 billion in inflows, while Grayscale’s ETHE holds around $2.8 billion. It’s a clear sign that American investors, at least, aren’t shying away from Ethereum despite the recent price slump.
So, what’s next? If history’s any guide, this pullback might just be setting the stage for a stronger rebound. But as always in crypto, nothing’s guaranteed. One day it’s fear, the next it’s FOMO. Right now, the whales and big-money investors seem to be leaning toward the latter.
